Bitcoin Cash Price Analysis: BCH/USD Recovery Facing Hurdles

Bitcoin cash price started a short term correction and moved above $420 against the US Dollar.

There is an ascending channel in place with support at $415 on the hourly chart of the BCH/USD pair (data feed from Kraken).

The pair recently tested the channel resistance and failed to break the $422-423 zone.

Bitcoin cash price remains in a bearish zone below $430 against the US Dollar. BCH/USD may correct further higher, but it is likely to find resistance near $425-430.

Bitcoin Cash Price Analysis

Yesterday, we saw a major downside move below the $430 support in bitcoin cash price against the US Dollar. The BCH/USD pair traded as low as $408 and settled below the 100 hourly simple moving average. Later, the price started a short term recovery and moved above the $415 level. It also managed to clear the 23.6% Fib retracement level of the recent drop from the $438 high to $408 low.

The upside move was positive as there was a spike above the $420 level. However, the price failed to surpass the $422-423 zone. There was also no test of the 50% Fib retracement level of the recent drop from the $438 high to $408 low. At the outset, there is an ascending channel in place with support at $415 on the hourly chart of the BCH/USD pair. The pair is currently moving lower towards the channel support at $415 where buyers could emerge. In the short term, it seems like the price may correct towards the $425 or $430 resistance levels.

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